Yesterday the majors sat in a fairly tight trading range as some key data points from Europe and the US were awaited. The ECB kept its monetary policy unchanged yesterday and the euro began to gain against the dollar and pound. EURUSD drifted below the key 1.20 level until mid-afternoon when it made a move that has continued this morning, now comfortably in the mid 1.20 level. EUR also pushed the GBPEUR rate from 1.1580 back below 1.1500 momentarily, but still held its gains at the low 1.15 level.
The US later announced their jobless claims numbers at 547,000 vs an expected 603,000 and the previous 576,000 reading.
Today, the UK has it’s turn with manufacturing and services PMIs to be released. The market will be looking for strong expansion figures on both now the economy is beginning to open back up and help the pound rally.
As we move in to Friday, we have the euro staying strong against both the dollar and pound with EURUSD currently at 1.2050 and GBPEUR just above the 1.15 level. Cable is off to a strong start this morning with the pound buying dollars at 1.3875.
Have a great day.
Chris Allan, Senior Relationship Manager.
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